The Town of Brookhaven stands stronger than ever in the midst of a major economic lag in Suffolk County as it enters the new year.
During the final Brookhaven town board meeting of last year, on Dec. 15, Supervisor Ed Romaine (R) announced several large bond resolutions, including one for $4.5 million to pay for the dredging and restoration of Lily Lake in Yaphank and another for $12.3 million to pay for the resurfacing of various town-owned roads. These bonds will help move forward the long-term capital projects within his approved budget for 2017 — to the concern of some residents in attendance unsure as to why so much money was being proposed all at once.
But the supervisor insists that taxpayers in Brookhaven have nothing to worry about in terms of fiscal spending.
“This is no different than what we’ve done every other year,” Romaine explained in a phone interview. “Each year, we have to authorize bond resolutions, have to go to bond counsel, and then float the bond [into the bond market] because long-term assets are what you borrow for. We need the money in 2017 and we want to get a head start on that.”
In fact, he said, Brookhaven’s borrowing in terms of bonding out is down and the township pays off its bonds well before their maturity dates in most cases.
“We don’t spend money we don’t have,” Romaine said. “When we go to bond, we go to bond very cautiously, we try to pay off our bonds very quickly, and we don’t believe in taking on too much debt.”
For instance, Romaine said, Brookhaven is the only town in all of Long Island that has paid off all of its pension debt.
“We have reserve funds for when the town landfill is closed, [as well as] a snow reserve fund of up to $2 million on top of the $6 million budgeted for snow in case we get a really heavy year,” he said.
While most every municipality in Suffolk County struggles with tremendous debt, Brookhaven has been prosperous. Standard and Poor’s Financial Services assigned its AAA credit rating to the town, the highest designation issued by the New York City-based agency. The AAA rating means Brookhaven has been recognized as having strong capacity to meet financial commitments.
It was its top-tier credit rating that allowed Brookhaven to acquire so much money for capital projects and low interest rates.
“When we go to bond, we go to bond very cautiously, we try to pay off our bonds very quickly, and we don’t believe in taking on too much debt.”
“Where a lot of Suffolk County has been downgraded, we’re the largest town in Suffolk County and we’re getting upgraded to the highest level possible, and I think that speaks to the supervisor’s leadership and fiscal discipline,” Department of Waste Management Commissioner Matt Miner said. “We’re close to reducing [more than] $30 million in pipeline debt … and on the operating budget, he’s been very disciplined in how to spend taxpayer money, and we’re complying with the New York State property tax cap. We’re one of the few municipalities to do so.”
As for the planned projects described in the bond resolutions, Romaine said the ones most important and expensive for the North Shore will be revitalizing Lily Lake to get rid of invasive weeds and restore it back as a recreational haven, reconstructing the jetties in Mount Sinai Harbor to make boat navigation easier and help bring back shellfishing in the winter and continuing to work with the highway department to improve and pave roads.
Other resolutions included the issuance of $2.5 million to pay the cost of various original improvements to the town landfill, including, but not limited to, gas management, odor control and leachate control improvements and $600,000 to pay the cost of acquisition and installation of various equipment for use at town facilities.